Planned Gifts
Unitrusts, Gift Annuities, and Similar Devices
Tax law has established several special concepts to treat transfers of capital for some consideration, such as a future stream of income. These arrangements can provide regular payments for life, and at the same time, generate a substantial charitable gift deduction. It's akin to setting up a private pension and getting a current deduction for the step! The college and its foundation are prepared to work with you and your advisors to establish such a program for your benefit or for the benefit of your loved ones.
IRA Designations, Life Insurance Transfers, and Policy Assignments
IRA and similar deferred taxability arrangements entail the future imposition of taxes on future distributions. Such payouts can be directed to a charitable organization so that the tax imposition is offset. The economic advantage can be close to 40%! Assignments of ownership in paid-up life insurance policies and/or beneficiary designations are additional ways by which the college can benefit, and you can receive a significant tax deduction. Such ownership assignments may generate a deduction for federal income tax purposes, produce a current Montana income tax credit, and avoid the imposition of death taxes.
Future Gifts and Bequests
Via devices in a will or trust to take effect at a future point, the college can benefit and taxes will be avoided. In that death taxes can range above 50%, the benefits to the college - 100% of the amounts directed to it - may be more than double the net amounts available to any non-charitable recipient! Some people who find themselves falling into the upper brackets of death/estate tax exposure are attracted to bequeathing a portion of their net worth to a tax-exempt educational or charitable cause. They prefer, having made provisions for their heirs and loved ones, that the most heavily taxable portion of their estate go to a deserving cause, rather than to pay federal or state taxes! Bequeathing amounts in an IRA or similar deferred taxability interest can avoid those death taxes and income tax on the distributions - the economic advantages can be dramatic!
Contact Us
For more information, contact the FVCC Foundation at (406) 756-3963 or email Sue Evans at sevans@fvcc.edu